03 September 2019
Vessel tracking specialist Pole Star has announced that its PurpleTRAC sanctions compliance and risk management service will soon be available to corporates on the Networked Trade Platform (NTP) in Singapore.
The NTP is a one-stop trade and logistics ecosystem which supports digitalisation efforts and connects players across the trade value chain- in Singapore and abroad. It aims to provide the foundation for Singapore to be a leading trade, supply chain and trade financing hub. Designed as an open digital platform, it enables service providers, like Pole Star, to develop new applications and foster innovation within the trade ecosystem.
By bringing participants across the trade value chain onto a single platform, the NTP enables end-to-end digital trade. Traders can tap on a range of trade related value-added-services, such as cargo freight booking, trade financing, cargo insurance, document preparation for customs declarations and payment reconciliations. These services, which now include PurpleTRAC, will allow users to arrange shipments easily, improve cash flow, and better manage trade compliance, all in one platform.
The PurpleTRAC system has four key features as it:
- Screens vessels, flag, ownership and management, current and past exposures against a comprehensive database of global economic sanctions and other watch lists.
- Screens the vessels flag, ownership and management countries of origin, domicile and control
- Monitors the ship’s movements in near real time through advanced hybrid satellite tracking technologies, detects and alerts significant events throughout its voyage and continues to screen it daily against the full range of global economic sanctions and other watchlists
- Creates tamper resistant, automated auditable reports for demonstration of compliance best efforts
Pole Star’s PurpleTRAC regulatory technology is referenced by the United Nations Security Council as an example of a best practice sanctions compliance solution for the maritime transportation sector and a MAS (Monetary Authority of Singapore) Fintech award winner for innovation in regulatory technology.
The system is already used extensively by governments and flag administrations, banks, trading companies and insurers around the world to ensure that the vessels they are using to transport their goods comply with sanctions and regulations. Pole Star claims its technologies help automate complex regulatory processes, rendering them simple and fast all while generating an audit trail for demonstration of best efforts in compliance.